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AM Best Places Credit Ratings of Coralisle Group Ltd. Subsidiaries Under Review With Developing Implications Following Acquisition Announcement

·3-min read

OLDWICK, N.J., September 16, 2021--(BUSINESS WIRE)--AM Best has placed under review with developing implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a" (Excellent) of Coralisle Group Ltd.’s subsidiaries. All companies are domiciled in Bermuda, unless otherwise specified. (See below for a detailed listing of the companies.)

This rating action follows the Coralisle Group’s announcement on Sept. 7, 2021 that it has agreed to acquire a 100% stake in Barbados-based Massy United Insurance Ltd. (Massy United) for $90.5 million; a portion of the amount is expected to be financed and the remainder funded with cash reserves. The transaction is expected to close in early 2022 following the relevant regulatory approvals. By acquiring Massy United, Coralisle Group accomplishes its strategic diversification goals by expanding its geographic reach and broadening its product mix. The acquisition also gives the Coralisle Group access to Massy United’s network of agents and brokers, as well as access to commercial market clients to potentially cross-sell complementary services. AM Best will review the transaction and the benefits, and also take a close look at risk exposures from an operational perspective which may include country risk and catastrophe exposures.

The FSR of A (Excellent) and Long-Term ICR of "a" (Excellent) of the following subsidiaries of Coralisle Group Ltd. have been placed under review with developing implications:

  • Coralisle Insurance (BVI) Ltd. (British Virgin Islands)

  • British Caymanian Insurance Company Limited (Cayman Islands)

  • Coralisle Insurance Company Ltd.

  • Coralisle Life Assurance Company Ltd.

  • Coralisle Medical Insurance Company Ltd.

  • Atlantic Medical Insurance Limited (Bahamas)

  • Security and General Insurance Company Limited (Bahamas)

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210916005780/en/

Contacts

Wayne Kaminski
Senior Financial Analyst
+1 908 439 2200, ext. 5061
wayne.kaminski@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Bridget Maehr
Associate Director
+1 908 439 2200, ext. 5321
bridget.maehr@ambest.com

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

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